GuocoLand joint venture buys Pacific Mansion for $980m

The prime freehold site will be near GuocoLand’s other project Martin Modern.

GuocoLand, together with Intrepid Investments Pte. Ltd. (Intrepid) and Hong Realty (Private) Limited (HR) won the tender for the Pacific Mansion condominium site with a bid of $980m.

It is now the second largest en bloc deal in Singapore, beating the size of the sale of Tampines Court for $970m in 2017. The sale of Farrer Court in 2007 is still the biggest deal to date.

According to a statement, the residential site has an area of 11,924.30 sqm (128,352 sqft) and a plot ratio of 3.84. It is a prime freehold site in District 9 that can be developed into a luxury condominium.

GuocoLand noted that the site is within walking distance to the Great World MRT station that is under construction and near GuocoLand Group’s Martin Modern project.

There has been a stronger pace of sales at Martin Modern. In a December report, caveat data showed that 201 units have been sold at Martin Modern, which is higher than the 150 units forecasted by the banks and the 186 units expected by developers surveyed by URA. During its first selling, it sold out 90 units for more than $220m. The units ranged from two to four-bedrooms and were priced from $2,009 to $2,500 per square foot. The total value of the apartments ranged from $1.75m to $4.55m.

The interest holdings of GLS, Intrepid and HR in the Property are 40%, 40% and 20% respectively. Intrepid is a wholly-owned subsidiary of Hong Leong Holdings Limited (HLHL) which is, in turn, a subsidiary of Hong Leong Investment Holdings Pte. Ltd. (HLIH) and HR is also a subsidiary of HLIH.